I’ll start this by saying that, I have no clue how a Safecoin will look like eventually.
Bitcoin got a problem, that problem is transactionfees. Fees are necessary to give miners an incentive, to keep the blockchain save. Sure the fee can be adjusted, but why not HARDCODE the fee, to solve the problem? The answer is, the fiatprice is constantly changing, so the fee constantly needs to change to look acceptable.
Units, the unit thing
There are 3 Bitcoin units, BTC, mBTC and μBTC. IMHO here is where the problem of the transactionfee lies. Most of the cryptocurrencies out there basically got this unit thing. I hear you asking, what does this have to do with transactionfees? Well it’s simple, if you want to use every bit and minimize the cost of an transaction, why not think/do different? If you would make μBTC = BTC and take away the other 2 units (BTC/mBTC), you would use every bit.
Moneyenom is the second cryptocurrency that does microtransaction well, Xrp is the first (0,0001XRP per TX). Every Moneyenom transaction is hardcoded (0,01MYM), the thing is, this is the lowest fee in the Moneyenom setup. I’ll also admit that I have worked on the project and it could have been the king of small transaction fee, if only people gave it a change (Why is Ripple not the king? IMHO because they destroy the 0,0001XRP, instead of giving it to miners). The problem we had with Moneyenom, we didn’t have any giveaways (that’s why people hated it), it was also 100% premined (that’s why people hated it even more), to top it off, it’s being sold on the term of 1 coin is 1 euro in a webstore, ridiculous.
Seeing = Believing
I’m absolutely not here to advertise Moneyenom, but if you see how it’s transactioncosts setup works, you’ll get what I mean, by saying that Safecoin should have a fixed transactionfee. When you got a fixed transactionfee, you no longer have to worry about that part of the coin and you can focus on more important things. I foolishly assume, that Safecoin might have a “unit thing” like the other cryptocurrencies out there, but that’s just me being foolish with no proof. Till so forth what I’ve read about Safecoin, it will be the most revolutionary coin since Bitcoin. If you want to really see what I mean, you can download the Moneyenom client and post your Moneyenom address. I will send you 0,50MYM, if you send me back 0,49MYM, 0,01MYM will go to a miner and you’ll know exactly what I mean.
Advantage/Value through fees
In the old world high fees basically robs people, so it’s absolutely not recommended, that you bring out a cryptocurrency with that same idea. People sometimes ask about the value of Safecoin, beside merchants accepting it I’M GONNA REPEATE THIS A BILLION TIMES, it should also have the lowest transaction fee I’M GONNA REPEATE THIS A TRILLION TIMES. When looking at setups with low transactionfee, I see Ripple (0,0001), Bitcoin ($0,10), Dwolla ($0,25) and Moneybookers (0,50 euro). If Safecoins can have a guaranteed transactionfee of $0,01, that’s another reason for people to use it instead of others. Allthough most of the time, you’ll read me saying that I will be out there to help/get merchants to accept Safecoins, TXcosts are also superimportant and actually the primairy reason why I would personally use a coin. I just hope that Safecoin doesn’t have the “unit thing” and that it got the lowest transaction fee, because that will give it another plus on the scoreboard.
When I say using every bit, I really mean using every bit. What if every transaction was 0.01 Safecoin? What if Safecoins had DNS like Namecoin and to register a domain, it would cost 0.01 Safecoin and for that money, you would get a domainname for 2 years? (the why for 2 years? is simple, because you pay 0.01 Safecoin for a 1 year registration and 0.01 Safecoin for transaction, you get 2 years). This would allready give Safecoins more value then Namecoin, now imagine, if with Safecoins you could also add TLD and people could only register a name if they own the DOTCOM name. What if they could also bid on a domain?